Insurance Act 1973
88Application for order for judicial trusteeship
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88 Application for order for judicial trusteeship
(1) APRA may apply to the Federal Court for an order that a designated security trust fund be placed under judicial trusteeship. (2) A party to the trust deed of a designated security trust fund may apply to the Federal Court for an order that the fund be placed under judicial trusteeship. (3) A person is not entitled to make an application under subsection (2) unless: (a) the person has given APRA at least one month’s notice in writing of the person’s intention to apply; or (b) the Federal Court grants leave to make the application. (4) On an application by APRA: (a) Lloyd’s; and (b) a party to the fund’s trust deed; are entitled to be heard. (5) On an application by a party to the fund’s trust deed: (a) APRA; and (b) any other party to the trust deed; are entitled to be heard.